Alltop, all the top stories
October 30, 2008

Fill Up on News – 10/30

 

The average gas price in America has shifted to well below $3 a gallon.

However, the price of gas is expected to stabilize just around $3 a gallon.

Sharon is going to acquire Texas oil and gas provider Eagleford Shale.

The increased Chinese industrialization is increasing their methane output.

A perceived lack of demand due to the slowing economy has done its job to bring down oil prices.

The gas companies seem to be thriving despite their product’s falling price.

Filed under:Daily News Post | by Guy in a Suit @ 5:08 pm | 

October 29, 2008

Uh-Oh! It’s Going Faster Than We Thought

 

Not official, but rumor has it that the International Energy Agency will say in its annual report that natural annual rate of oil output decline is 9.1% without additional investment to raise production. This suggests that the world will begin to struggle to make up for declines in existing oilfields ( North Sea, Russia, Alaska).

Oil prices falling = Delay in investment decisions.

The IEA sees India & China demands requiring investments of something like $360 billion/yr until 2030.

Even with investments the decline is 6.4%.

HELP!!!

The future rate of decline in output from producing oilfields as they mature is the single most important determinant of the amount of new capacity that will need to be built globally to meet demand,” the IEA says

On top of everything else, emerging nations will need more, more, more.

Filed under:Energy,Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 11:56 am | 

October 28, 2008

What About Those Airline Fuel Surcharges?

 

In the “just as you figured it would go” column: Even though the price of jet fuel has come down dramatically, the airlines have no plans to scrap those fuel surcharges they tacked on earlier this year. In fact, some have been raised.

As P.T. Barnum astutely said: “There is one born every minute.” (and we’re not talking about the airline end of things here, folks)

Filed under:Fuel cost,Fuel Price Trends | by Pump Girl @ 12:32 pm | 

Gas Prices Falling

 

The government reported that gas prices were down 25.5 cents in the last week to an average of $2.656/gal. Only Alaska, Hawaii and California are still looking at prices $3 and above.

“It is stunning,” says Tom Kloza, petroleum-price analyst at the Oil Price Information Service, a consultant. “I remember saying $2.75 by Halloween. Now, I think $2.50 by Election Day.”

Use is down. Supply is up…for now.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 12:22 pm | 

OPEC Vows To Support Oil Prices

 

The market was slow to react to OPEC’s decision to reduce output. It is very serious about controlling oil supply to support prices, and there appear to be no renegades – not Saudi Arabia or Venezuela. All on board.

Said OPEC President, Chakib Khelil:

“Either the market believes us and the prices stabilise. Or it doesn’t, and then we’ll have to do things so that the market believes we are serious.”

OPEC could take further steps to call a meeting before the next scheduled talks in December.

OPEC ministers have repeatedly said that too low an oil price is ultimately counter-productive even for consumer countries as it limits investment in bringing on new supplies and will eventually drive oil markets higher again.

Nobuo Tanaka, executive director of the International Energy Agency, often regarded as a representative of consumer interests, added his voice to concerns about project delays.

“If the price of oil is too low? Yes, we are concerned about it,” Tanaka told Reuters in London.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 12:11 pm |